Greystone Managed Investments Inc. boosted its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 89.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,057 shares of the financial services provider’s stock after buying an additional 28,337 shares during the period. Greystone Managed Investments Inc.’s holdings in PNC Financial Services Group, Inc. (The) were worth $7,499,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. First Interstate Bank raised its position in PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock worth $115,000 after buying an additional 243 shares during the last quarter. Ledyard National Bank raised its position in PNC Financial Services Group, Inc. (The) by 6.3% in the second quarter. Ledyard National Bank now owns 1,257 shares of the financial services provider’s stock worth $157,000 after buying an additional 75 shares during the last quarter. Jacobus Wealth Management Inc. raised its position in PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock worth $180,000 after buying an additional 53 shares during the last quarter. Doyle Wealth Management purchased a new position in PNC Financial Services Group, Inc. (The) during the second quarter worth $203,000. Finally, Snow Capital Management LP purchased a new position in PNC Financial Services Group, Inc. (The) during the first quarter worth $204,000. 82.12% of the stock is currently owned by institutional investors.

PNC Financial Services Group, Inc. (NYSE:PNC) opened at 127.53 on Thursday. The stock has a market cap of $61.11 billion, a P/E ratio of 16.23 and a beta of 0.93. The stock has a 50 day moving average of $128.30 and a 200 day moving average of $123.76. PNC Financial Services Group, Inc. has a 1-year low of $85.54 and a 1-year high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The company had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $3.97 billion. During the same period in the previous year, the company posted $1.82 earnings per share. PNC Financial Services Group, Inc. (The)’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 dividend on an annualized basis and a yield of 2.35%. PNC Financial Services Group, Inc. (The)’s payout ratio is presently 38.12%.

PNC Financial Services Group, Inc. (The) declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to buyback $2.70 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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A number of research analysts recently weighed in on PNC shares. Zacks Investment Research raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research report on Tuesday, July 4th. Royal Bank Of Canada reissued a “buy” rating and set a $130.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Thursday, June 15th. BidaskClub raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. BMO Capital Markets reissued a “buy” rating and set a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Finally, Rafferty Capital Markets raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $122.57.

In other news, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total transaction of $641,550.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the transaction, the insider now directly owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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